The EFCC stated that Iwu allegedly committed the offence in the build-up to the 2015 general elections in which President Muhammadu Buhari defeated Goodluck Jonathan.
The Economic and Financial Crimes Commission on Thursday informed Justice Nicholas Oweibo of a Federal High Court sitting in Ikoyi, Lagos State, that a former Chairman of the Independent National Electoral Commission, Prof Maurice Iwu, allegedly aided the concealment of N1.23bn in the account of Bioresources Institute of Nigeria Limited with number 1018603119, domiciled in the United Bank for Africa.
The anti-graft agency made the revelation during the re-arraignment of Iwu over the alleged fraud.
The commission re-arraigned Iwu on four counts bordering on the alleged offence.
It would be recalled that Prof Iwu had earlier been arraigned in August before Justice Chuka Obiozor of the same court.
His re-arraignment came consequent upon the transfer of the case from Justice Obiozor to Justice Oweibo.
According to the charge slammed against the former INEC Chairman, the EFCC stated that Iwu allegedly committed the offence in the build-up to the 2015 general elections in which President Muhammadu Buhari defeated Goodluck Jonathan.
The anti-graft agency insisted that Prof Iwu ought to have known that the N1.23bn formed part of the proceeds of an unlawful act, to wit: fraud.
Counsel to the EFCC, Rotimi Oyedepo, informed Justice Oweibo that Iwu acted contrary to section 18(a) and 15 (2) (a) of the Money Laundering ((Prohibition) Act 2011 and was liable to be punished under Section 15(3) of the same Act.
However, Prof Iwu pleaded not guilty to the charge, prompting Justice Oweibo to allow him to continue on the N1bn bail earlier granted him by Justice Obiozor.
Justice Oweibo adjourned the matter until November 25, 2019, for commencement of trial.